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fund transaction

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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habeebuddinm
Newly Registered
Posts: 6
Joined: Sun Nov 17, 2013 11:42 am
Location: LONDON
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fund transaction

Post by habeebuddinm » Thu Jan 02, 2014 1:54 am

Dear All,

i have applied two days ago with partial third party funds and rest in my personal account. i have some money due for my lease, and due date was 30 th Dec. i was waiting for my business bank account. yesterday i received all the bank letters with cheque book.

if i transfer all money from my personal to my bank account and pay my lease due through my bank account, will any problem in future.

home office have only my personal statement, i sent my client agreement and i am working on my contract, my land lord asking money as soon as possible as due date gone.

please advice if i transfer all money from my personal bank to business bank. will be any problem. home office really checking my personal account for availability of funds.

please advice.

thanks and regards

Princess of Ammi
- thin ice -
Posts: 298
Joined: Tue Dec 03, 2013 2:33 pm

Re: fund transaction

Post by Princess of Ammi » Thu Jan 02, 2014 4:07 am

you had applied for this visa couple of days before you received the bank account confirmation which includes the cheque book as you mentioned, that means you applied without a bank account, if this is the case that is a mistake.
you do not necessarily have to have a business account to pay for the company expenses, paying rent is one of those things, you I amuse would have provided a director loan agreement that lets you let your company the amount needed then you list the expenses and provide the receipts, invoices or anything appropriate to show where you spent money for company using your personal account, as you have an agreement which affirms the lending terms and conditions.
where as the amount evidence a personal bank statement that secures you 75 points, will be checked if there are money there, you thinking of a transfer money into your business account where they do not know if there is business bank account and money in there.
paying rent or lease money will not be single expense for your company before you open your business account as you would have bought the insurance etc. where you paid for such expenses using your personal account, you provide the receipts, list all together,that is your investment as long as if you provide a director loan agreement. if you have provided the personal bank statement as a proof of 50,000 available that is fine, you can now transfer the REQUIRED AMOUNT from personal to business account for the company expenses as you lend your company, if you just opened a business account of which details UKBA does not have you should not make such a transfer.
if you have not provided a director loan agreement, do not ever let available amount be lower than 50,000 in your personal account(s).
thanks,

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